MICHIGAN CANNABIS AFS

We have worked hard to design a technology-forward, quality-focused, efficient, and communicative AFS process. From onboarding and sample requests to representation letter and report delivery, our workflow resides fully within our secure client portal application. 

 

Our process best aligns with Michigan cannabis businesses prioritizing financial compliance and AFS preparedness. We work best with those who already work with a knowledgeable accountant regularly to help maintain their records compliantly and in AFS readiness format.

 

The AFS report is an agreed-upon procedures engagement that must follow attestation standards established by the AICPA. The CPA performing the attestation must be Independent of the licensee and enrolled in the AICPA’s Peer Review Program. It is the licensee’s responsibility to ensure their AFS provider is appropriate for their reporting needs. You can search for a CPA firm’s enrollment in the Peer Review Program by searching the firm name and state at the below link.

 

The Annual Financial Statement (AFS) report is a financial report encompassing a Michigan Cannabis licensee's revenue, expenditures, and distributions for a specific reporting period. The AFS report is one consolidated report for the registered entity and covers all adult-use establishment state licenses (excluding temporary event licenses and designated consumption establishment licenses) and/or all medical facility state operating licenses held by the licensee during the reporting period.  To read more, visit the AFS Instruction Booklet link below.

 

Contact us either by email at afs@leacif.com or by submitting a form from our Contact page to get started. Please reach out at least 3 months (or earlier) before your report is due. From there we will reach out to schedule an introduction call to learn more about your business and discuss how our process works. During onboarding and throughout the AFS report completion, we use a secure portal for questionnaires, information requests, and timely communication. Our scoping process includes relevant information requests to begin the report procedures, helping ensure an accurate expectation of the engagement scope, sample sizes, and service fee, as well as allowing work to efficiently begin soon after our Engagement Agreement is in place.